NoBroker.com to expand to 5 more cities this year

"After the recent demonetisation and overall cautious market sentiment, the rental real estate has picked up significantly. Today, real estate is no longer an investor market but is driven by end-users.

Bengaluru-based property listing site NoBroker.com is planning to enter Delhi, Noida, Hyderabad, Kolkata and Ahmedabad this year, a top company official said.

Launched in March 2014, NoBroker is currently present in five cities -- Mumbai, Pune, Bengaluru, Chennai and Gurugram.

"After the recent demonetisation and overall cautious market sentiment, the rental real estate has picked up significantly. Today, real estate is no longer an investor market but is driven by end-users.

"We see this as a right opportunity to expand our presence in other cities as well," its Chief Executive Amit Agarwal told PTI here.

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He said after demonetisation, activity in the rental market has picked up more than in the sale/resale segment.

"There is still a lull in the these two segments and developers are trying to woo buyers with certain incentives and discounts. On the other hand, the resale market, because of the lower rentals, is still a preferred option for customers," Agarwal said.

He said the company will enter markets like Delhi, Noida, Hyderabad, Kolkata and Ahmedabad in 2017 and spend a significant amount on marketing and brand awareness.

"We have so far raised Rs 135 crore and we plan to spend a significant amount for marketing and creating brand awareness through non-digital mode. We are planning to use hoardings as a medium to reach out to people, apart from radio," Agarwal added.

NoBroker. com initially raised Series-A funding of USD 3 million from SAIF Partners and Fulcrum Ventures. It later raised USD 10 million in Series B funding.

Former Chief Product Officer Anand Chandrasekaran also invested in the firm.